The Latin America oncology device market comprises various medical devices that are increasingly being used for cancer diagnosis and treatment. Some of the key products include surgical devices, medical imaging systems, and endotherapy devices. The rising prevalence of cancers such as lung cancer, colorectal cancer, and breast cancer has significantly increased the demand for advanced devices that can detect the disease early and facilitate minimally invasive treatment procedures with better outcomes.

The Global Latin America Oncology Device Market is estimated to be valued at US$ 42.17 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in The Latin America Oncology Device are Koninklijke DSM N.V, BASF SE, Croda International PLC, Enzymotec Ltd., Omega Protein Corporation, Aker Bio Marine AS, Polaris Nutritional Lipids, FMC Corporation, Cargill, Incorporated and GlaxoSmithKline plc. These companies are focusing on new product launches and strategic collaborations to strengthen their market position.
The rising prevalence of cancer coupled with increasing healthcare expenditures is expected to drive the demand for advanced oncology devices in Latin America. According to WHO, cancer burden in the region is estimated to increase by 60% by 2040.
Technological advancements are facilitating improved disease detection as well as minimally invasive surgeries. Introduction of robotic-assisted surgery systems, 3D medical imaging, and AI-powered diagnostic solutions are enhancing treatment outcomes.

Market trends
Increased adoption of personalized medicine - Growing focus on targeted drug therapies and companion diagnostics is improving treatment efficacy. Device players are collaborating with pharma companies to develop personalized oncology solutions.
Shift towards ambulatory care - With the development of user-friendly devices, many cancer treatment procedures are shifting from inpatient to outpatient settings, improving access and convenience.

Market Opportunities
Untapped growth potential in smaller countries - Rapid economic development and increased healthcare investments are expected to drive higher device uptake in countries such as Ecuador, Peru, Panama over the next decade.
Rising medical tourism - Countries like Mexico and Costa Rica are emerging as popular medical tourism destinations. This is likely to present new opportunities for oncology device manufacturers.

Impact of COVID-19 on Latin America Oncology Device Market

The COVID-19 pandemic has adversely impacted the Latin America oncology device market. Restrictions imposed to curb the spread of the virus led to cancellation or postponement of non-emergency medical procedures, impacting sales of oncology devices in the region. There was also disruptions in supply chains due to lockdowns that hampered new installations and maintenance of existing oncology equipment. However, as restrictions are gradually being lifted post second and third waves of infections, the market is regaining momentum. Demand for radiotherapy devices, surgical oncology devices and brachytherapy products is rising again as healthcare facilities focus on clearing backlogs of cancer treatments. Still, the full recovery is likely to continue into 2025 due to post COVID-19 economic challenges faced by healthcare systems in Latin American countries. Device manufacturers are focusing on remote servicing and training programs to support hospitals amid workforce shortages. Teleoncology is also gaining traction to prevent cancer care treatment gaps.

Geographically, Brazil accounts for the largest share of the Latin America oncology device market in terms of value. The country has a large population base and rising cancer burden. Favorable government initiatives to boost healthcare infrastructure and expand insurance coverage are augmenting device installations. There is also a growing private healthcare sector with widespread adoption of advanced treatment techniques. Mexico is the second largest regional market and is expected to witness the fastest value growth during the forecast period. This can be attributed to increasing investments by global players, rising medical tourism and universal healthcare reforms.

In terms of growth, Peru is projected to emerge as the fastest expanding country market for oncology devices from 2024-2030. This is due to rising disposable incomes, upgradation of diagnostic and treatment capabilities and expanding healthcare expenditure from both public and private sources. Manufacturers are actively focusing on the Peruvian market through new product launches, partnerships with local hospitals and financing schemes to boost affordable access.